The global functional flours market is expected to witness significant growth over the forecast period. Functional Flours are the specialized type of products which are hydro-thermally treated for a variety of applications in the food and beverages industry. The functional flours are manufactured and treated to have enhanced nutrient qualities with health related benefits. The product which are made from genetically modified and other type of grains such as wheat, rice, maize contain less gluten than the conventional wheat flours. Functional flours are preferred over the conventional product alternatives due to the health benefits coupled with rising awareness regarding personal health among the consumers.
The industry growth is primarily driven by the increased consumer spending coupled with the favorable government regulations imposed in order to promote the consumption of healthy products primarily in Europe and North America. In addition, there is an increase in trade of the functional flour complementing the growth of the industry over the forecast period.
The functional flours market has been segmented on the basis of source with raw material as rice, wheat, maize, soy, beans and others grains. Abundance of the raw materials such as wheat, maize and soy is expected to drive the market growth over the forecast period. In addition the market has also been segmented on the basis of type as pre-cooked flour and specialty flours. The demand for specialty flours is expected to rise on account of superior health benefits coupled with high nutritive value of the product.
The functional flours market has also been segmented on the basis of product into conventional flour, additive based flour and genetically modified flour. The demand for conventional flour is expected to be driven by the consumption from the developing economies. However, the genetically modified flour is expected to gain high traction on account of improved properties. However, increased consumer concerns regarding the effect of genetic modification on human health is expected to drive growth. The additive based flour is constituted by ethnic mixes which increases the consumer preference towards this market.
The market can also be segmented on the basis of applications where the product is used in bakery products, soups and sauces, noodles and pasta and in ready to eat products. The market growth is anticipated to be highest for ready to eat food articles on account of easy usability and availability of the product.
The functional flours market can be segmented into various regions including North America, Europe, Asia Pacific, Central and South America and Middle East and Africa. The demand for functional flours is expected to be driven on account of high volume consumption in Europe and North America. However, the demand is expected to grow at a notable rate in Asia Pacific on account of higher consumer spending.
Rise in strict food labeling legislation by governments and volatility in the commodity prices, the market can be register limited gains over the forecast period. In addition, the volatility in the supply of raw materials on account of changing climatic conditions coupled with price fluctuations are expected to restrain the growth of the functional flours industry.
The gluten free flours aid in improving the quality of baked products, owing to its modified properties. The product can retain a higher amount of moisture which is useful in preparing ready to eat food items. With the increasing awareness on the rising negative effects of gluten, there is a growth noted in the market for functional flours. In addition, the products have higher contents of vitamins, minerals and proteins which provide added health benefit for consumers.
There is a promising road ahead for the industry with the increased marketing and promotional activities on pulses and grains. In addition, companies in the market have resorted to notable innovations aimed at improving the quality of the pulses and addition of several ancient grains which is expected to propel the industry growth over the forecast period.
The functional flours are the part of functional ingredients used in the bakery industry to make them healthier option as compared to conventional bakery products. Thus, the market for functional flours is anticipated to grow over the forecast period.
The market is fragmented and competitive with large number of players operating at regional and global levels with the key market players for functional flours market including Cargill Incorporated, Archer Daniels Midland Company, The Scoular Company, Associated British Foods plc, The Hain Celestial Group, Inc, General Mills,Inc, ConAgra Foods, Inc, Parrish and Heimbecker Ltd, ITC Limited, The Caremoli Group, Ingredion Inc, Unicorn Grain Specialties, Bunge Limited, SunOpta Limited among others.
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The demand for nutraceuticals & functional foods is expected to witness an upward surge owing to consumers opting for immunity boosting supplements during the COVID-19 pandemic. Furthermore, a decline in the consumption of poultry, meat and seafood products across the globe is expected to increase the demand for plant and animal-based protein supplements in the near future. The report will account for Covid19 as a key market contributor.